It would work - with obvious limitations. Any photos you edit on your computers will not get synced back to phones, and accidentally clicking “override changes” on a phone would destroy all the edits to the photos from that phone you might have made elsewhere. And, of course, should you delete any photos on a phone (say, to free up space), those will get deleted on the computers, too.
Just so that you have an idea about possible alternatives, here’s my setup:
(s&r) phone/photos --> server/phonephotos (receiveonly)
(s&r) tablet/photos --> server/tabletphotos (receiveonly)
a cron job that moves photos on server every now and then,
and sorts them neatly by date while it's at it:
server/[phone|tablet]photos --> server/photos/{year}/{month}
(s&r) server/photos <-> [desktop|laptop|2ndlaptop|whatever]/photos (s&r)
If I ever accidentally click “override” in server’s UI, the only trouble would be my server re-downloading the already moved photos from the device in question, but the cron job is smart enough not to overwrite the existing photos (and any possible modifications I’ve made to them).